COIN, BLSH Stocks Get Analyst Upgrades With Bitcoin Recovery, CLARITY Act Odds Lifting Crypto Outlook

Compass Point analyst Ed Engel said his base case accounted for Tuesday's CLARITY vote failing, and tokenized equities to launch anyway.

• Compass Point upgraded Bullish to ‘Buy’ on Monday, lifting its target by about 45% from Friday’s close.
• He moved Coinbase to ‘Neutral’ from ‘Sell’, but the new price target sat only 1% above Friday's close.
• Bitcoin neared $78,000 as spot ETFs logged a fourth straight day of outflows.

Shares of Coinbase (COIN) and Bullish (BLSH) edged higher in pre-market trading on Monday after Compass Point raised its ratings, citing a Bitcoin (BTC) rebound and the Senate’s upcoming floor vote on the Digital Asset Market Clarity Act (CLARITY ACT) as potential catalysts.

According to TheFly, Compass Point analyst Ed Engel upgraded Bullish to ‘Buy’ from ‘Neutral’ and lifted his price target to $51 from $30. The new target implied about 45% upside from Friday’s close of $35.12.

BLSH stock was up over 2% during pre-market trading hours. On Stocktwits, retail sentiment around BLSH remained in the ‘bullish’ zone, while chatter around it stayed at ‘low’ levels over the past day.

Why Is Compass Point Bullish on BLSH?

The analyst’s base case was that he expected Tuesday's Senate vote on the CLARITY ACT to fail. He said he liked the risk and reward regardless, after reports over the weekend that President Donald Trump made concessions on the bill's ethics provisions that improved the odds.